Enbridge to invest $38bn in new oil and projects through 2019

Canadian pipeline company Enbridge is planning to invest C$38bn ($29bn) in new oil and projects between 2015 and 2019.

The company’s latest investments plan includes crude oil pipeline expansions and extensions on its mainline in a bid to expand in the US Gulf Coast region.

Enbridge also plans to expand its natural gas footprint, including opportunities in growing supply basins as well as Canadian midstream.

The investments will include load growth, system renewal and storage in the area of gas distribution, in addition to new opportunities to explore natural gas for transportation and combined heat and power (CHP).

Further, the company continues to seek new opportunities in power generation and transmission projects.

According to the company, out of the total investment amount, $24bn is commercially secured, and in execution, even after $9bn worth of projects was put in into service last year.

Enbridge president and CEO Al Monaco said: "What we mean by secured is that these projects are supported by (financial) commitments, and they’re happening.

"We’ve built an enviable track record of delivering projects on time, and on budget, in a challenging environment. This is our competitive advantage."

Recently, Enbridge obtained approval from the National Energy Board in Canada to start supplying oil from Western Canada through its long-delayed Line 9 pipeline from Sarnia, Ontario, to Montreal.

The 76cm pipeline runs parallel to Highway 401 in eastern Ontario and has a current capacity of about 240,000 barrels a day.

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Image: Enbridge building in Edmonton, Alberta. Photo: courtesy of Kyle1278.